Open Banking

We are excited to be part of the Open Banking initiative


What is Open Banking?

In May 2018 the Australian Competition and Consumer Commission (ACCC) announced the introduction of the Consumer Data Right (CDR), which will give consumers greater access to and control over the data that banks and other organisations have on consumers’ use of services and products. The aim is to make it easier for customers to compare products from a number of providers. The banking sector will be the first to implement the CDR, followed by the energy and telecommunications sectors. Within the banking sector, this initiative is referred to as Open Banking.

In August 2020 BOQ Specialist published information about our deposit, transaction and credit card products via a new Product API (Application Programming interface). Information related to residential mortgages, personal loans and car loans will be added to this Product API in early 2021. Information on our other products will be added to this Product API in future. This information is also readily available on our website and includes details of product rates and fees.

For information on the CDR, as well as proposed on timings for this phased programme delivery please refer to the Consumer Data Right rules.

In a later phase of Open Banking customers will be able to consent to share their bank account and transaction information with other accredited organisations through a secure system. The objective is to help customers to more easily find the best products for their personal needs. We will provide more information when the feature is available. 

 

Is Open Banking secure?

BOQ Specialist is committed to keeping your data safe, in line with the Open Banking privacy and security guidelines set out by the ACCC. Information on our Privacy Policy is available here.

 

About our Product API

Our Product APIs have been developed in line with the Consumer Data Standards

  • The request must be a HTTPS Get request to the relevant product API endpoint. The mandatory parameters defined in the specifications must be included. URLs and links to specifications are given under each API section below;
  • These are public APIs and do not require authentication;
  • The response will be in the format defined by the Consumer Data Standards.

 

Our Product API is published here:

 

Additional information:

  • Currently only minor version ‘2’ of each endpoint is supported (header x-v=2). Multi-version support (for x-v=2 and x-v=3) will be available in early 2021.
  • The product API only supports ‘effective’ query parameter values of ‘CURRENT’ & ‘ALL’, and does NOT support pagination. Pagination will be supported in early 2021.

 

If you are experiencing any technical issues with the API, please email boqs.openbankingsupport@boq.com.au with the details.

  • Important Information

      The information contained in this webpage is general in nature and has been provided in good faith, without taking into account your personal circumstances. While all reasonable care has been taken to ensure that the information is accurate and opinions fair and reasonable, no warranties in this regard are provided.